Debapriya's white paper points to grand corruption

Economist Debapriya Bhattacharya has highlighted Bangladesh's shift from crony capitalism to kleptocracy under the previous government, calling it the most intriguing finding of a recently published white paper on the economy.

"Kleptocracy occurs when the authority of the state -- be it the legislative body, the executive branch, or the judiciary -- is entrusted to certain entities that form a coalition for systematic looting," Bhattacharya said.

Bhattacharya, who led the team behind the white paper, shared these insights during a press conference at the Planning Commission in the capital today.